OPEC+ Oil Output Decision in the Balance as Omicron Hammers Prices-US News | The Epoch Times

LONDON—OPEC and its allies will decide on Thursday whether to release more oil into the market or restrain supply amid big gyrations in crude prices, a U.S. release from oil reserves, and fears over the new Omicron coronavirus variant. Brent has tumbled to about $70 a barrel, down from October’s three-year highs above $86. Prices in November registered their biggest monthly decline since the start of the pandemic as the Omicron variant raised fears of a glut. The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have resisted U.S. requests for speedier increases in oil output to support the global economy. Producers have said they did not want to hamper a fragile energy industry recovery with oversupply. Under its existing pact, OPEC+ agreed to raise output by 400,000 barrels per day (bpd) each month, winding down record cuts agreed in 2020 when demand crashed because of …

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